Among the agreements reached is a three-year currency swap deal between the central banks of Turkey and China to boost trade by using national currencies. Second, China would like to widen its influence in Turkey, which Beijing considers an important and regional player in the Middle East.

He added: "Some $20 billion of this is imports, $3 billion exports. “China’s investments in Turkey’s infrastructure are important for the Belt and Road, because China is trying to set up a logistics network in the eastern Mediterranean,” Atli told Al-Monitor. The multibillion-dollar project was launched by Chinese President Xi Jinping in 2013 to jointly build the Silk Road Economic Belt and the 21st Century Maritime Silk Road and connect China to Central Asia and Europe, an area spanning more than 65 countries. Chinese companies have made some important investments in the infrastructure sector in Turkey in the last couple of years, according to Deng. Addressing the Turkey-China Trade and Investment Seminar on Thursday, Deng said the project has contributed to the development of cooperation in many areas between Turkey and China. Turkish and Chinese businesspeople came together at a seminar in Istanbul on Thursday to discuss ways of increasing bilateral trade and investment. “It is also closely following developments in the Middle East looking out for reconstruction opportunities in the postwar region (Syria).

The ICBC is one of the largest banks in China and had bought a 75% stake in Turkey’s Tekstilbank in 2015. The companies were not immediately available for comment. The exchange of views between China and Turkey on finance, energy and other issues continue. Altay Atli, head of the Istanbul-based consulting firm Atli Global, agrees that Turkey’s location serves well for the Belt and Road initiative. China’s latest venture is to build a hospital chain in Turkey’s major cities that will offer traditional Chinese medicine treatments along with modern medicine. Turkish President Recep Tayyip Erdogan and Chinese President Xi Jinping inspect an honor guard during a welcome ceremony at the Great Hall of the People in Beijing, July 2, 2019. First, Beijing is seeking to find some common ground with Ankara on political matters, particularly regarding Uighurs, a Turkic minority living mainly in China's Xinjiang Uighur Autonomous Region. “Nevertheless, it still avoids directly taking sides, it establishes dialogue with all parties,” Atli said. The sectors we are interested in for investments are expanding. In March, Turkey’s Eximbank signed a credit deal worth $350 million with the Industrial and Commercial Bank of China (ICBC). After this step, the flow of Chinese infrastructure loans in Turkey also sped up. There are around 1,000 Chinese companies currently operating in Turkey. Energy is another realm where cooperation grows. Our Standards: The Thomson Reuters Trust Principles. As far as tourism goes, China's declaration of 2018 as its Turkey Tourism Year made a significant contribution to the increase in the number of Chinese tourists visiting Turkey last year. Direct Chinese investments in Turkey are expected to double by the end of 2019 and exceed $4 billion.

By Reuters Staff. As China’s engagement with conflict-ridden regions, including the Middle East, widens, maintaining its long-standing policy to stay neutral in regional political conflicts becomes a challenge for Beijing. The plant, which is currently under construction, represents China’s largest direct investment in Turkey, China’s state-owned Xinhua news agency reported. Sign up for the Week in Review newsletter. 1 Min Read. In July 2018, The ICBC issued a $3.6 billion finance package for Turkey’s energy and transportation sectors; $1.2 billion of the loan was used to expand the capacity of two underground natural gas storage facilities in Turkey.

Turkey’s Banking Regulation and Supervision Agency granted operation licenses to Bank of China and ICBC for their activities in Turkey. According to experts, there are three key factors: Turkey’s proximity to Europe, a qualified workforce and a geostrategic location facilitating access to the Middle East and North Africa.

This represents the largest amount Turkey has gotten from China under the lira-yuan swap agreement with Beijing in 2012, the news agency said. Also addressing the meeting, Foreign Economic Relations Board (DEİK) / Turkey-China Business Council Chairman Murat Kolbaşı, said the bilateral trade volume between the two countries had reached $23 billion by the end of 2018. For instance, a company from our Jiangsu province has just recently invested in a textile factory in Turkey. Turkish companies have to make more exports there to close this gap.

Alibaba and Trendyol did not give any further details on the investment’s size and timing. Chinese diplomatic missions in Turkey celebrated the 70th anniversary of Communist rule Oct. 1 with unusually high-profile receptions in Ankara and Istanbul. They mainly carry their operations in the logistics, electronics, energy, tourism, finance and real estate sectors and are expanding their business and have increased their operations in the country after the launch of the Belt and Road Initiative (BRI). The event organized in Istanbul’s iconic Ciragan Palace was particularly remarkable, making headlines in the Turkish press. Turkey sees Chinese investments as an opportunity to support its economic development, strengthen its infrastructure and advance its technology. See here for a complete list of exchanges and delays. As a result, Turkey saw the number of Chinese tourists increase by almost 60 percent to nearly 400,000 last year. Al-Monitor - Intelligence on the trends shaping the Middle East. "China's investment in Turkey currently stands at $2.8 billion. China also eyes crucial facilities in Turkey, such as ports, power plants and terminals. Here's what you can now access. Photo by Roman Pilipey/Pool via REUTERS. Trendyol, one of Turkey’s best known online fashion retailers, has drawn backing from foreign investors and holds a leading position in Turkey’s fragmented e-commerce market.
Erdoğan’s personal visits to China in 2015 and 2017 have stimulated action, and followed a number of deals signed in 2012. When asked about the investment by reporters, Lu Yi said that China has always attached importance to the economic, trade and financial ties it has with Turkey. Atli said Beijing is planning to begin manufacturing in Turkey and set up a nonstop trade line between Turkey and Europe. The celebrations indicate Beijing attaches more significance to its diplomatic and economic ties with Ankara at a time of massive influx of Chinese capital into Turkey, which plays a pivotal role in China’s Belt and Road initiative — a multi-nation trade project Beijing designed to strengthen its position in the global economy.

A Chinese consortium paid little less than $1 billion to buy a 65% stake in a Turkish container terminal, Kumport, in Istanbul, in 2015. Hurriyet - Turkey and China have signed a series of deals that are aimed to boost trade and deepen the strategic partnership between two of the world’s fastest growing economies. Atli also highlights that China makes similar investments in other countries signed up for the Belt and Road and that Turkey’s share in the total is relatively small. One of our main objectives is for the volume of Chinese investments to Turkey to reach $6 billion by 2021," he added.

“With the agreement, Alibaba and Trendyol will work together to increase Trendyol’s growth in Turkey and its surroundings,” Trendyol said in the statement. We have a trade deficit of $17 billion.

The number of Chinese personnel in Turkey is around 8,000. As the relationship between Turkey and the United States is going through turbulent times, Ankara’s ties with Beijing, Washington’s economic foe, are unmistakably growing. China’s central bank transferred $1 billion worth of funds to Turkey in August, Bloomberg reported.

The current trade volume between the two countries is more than $23 billion, with Chinese exports to Turkey totaling $21 billion.

Plus get access to seven years of our archives. As part of efforts to boost bilateral trade, Wei said Chinese companies will continue their investments in several areas, including infrastructure, energy, mining, telecommunication, information technologies, agriculture and health.

"We aim to double the number of tourists coming from China to Turkey by 2021.
Turkey has a special place in China’s Belt and Road initiative, as confirmed by the increase in Chinese direct investment in Turkey. Addressing the Turkey-China Trade and Investment Seminar on Thursday, Deng said the project has contributed to the development of cooperation in many areas between Turkey and China.

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